AMD cuts will cost company $70 million

Advanced Micro Devices Inc., which is planning a $4.6 billion computer chip factory in Malta, said today in a Securities and Exchange Commission filing that the elimination of 600 jobs will cost $70 million.

AMD is cutting costs as it seeks to become profitable again. It is spinning off manufacturing in a joint venture with the Emirate of Abu Dhabi and then building a new plant in Malta.

The job cuts are not expected to impact the company’s plans in New York state. AMD had previously expected to elimiminate only 500 jobs at a cost of $50 million.